TABLE OF CONTENTS Insuring of Industrial Mortgages

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "TABLE OF CONTENTS Insuring of Industrial Mortgages"

Transcription

1 Connecticut Industrial Building Commission Sec page 1 (9-97) TABLE OF CONTENTS Insuring of Industrial Mortgages Application and fees Commitment or unacceptance Covenant for fire and other hazard insurance Other covenants Accumulation of accruals Application of payments Prepayment and late charges Servicing by mortgagee Eligibility of property Certification of cost requirements Adjustment resulting from cost certification Eligibility of title Title evidence Premium Form of insurance contract Defaults Notice Commission s right to require acceleration Insurance benefit requirements Procedure by mortgagee on default a Insurance benefits Eligibility for insurance payments a Protection of mortgage security Assignment of insured mortgages No vested right Amendments not to change contractual rights Application for insurance Commitments Covenant of debtor re insurance Covenant of debtor re repairs and statements Security agreement provisions for payment by debtor Single payment on due date Prepayment. Late charges Service of insured loans by secured parties Requirements re insured equipment Requirements of commitment Limitation on commitment

2 Sec page 2 (9-97) Connecticut Industrial Building Commission Title of equipment to be vested in debtor Documents to be furnished prior to insurance Premium payments Execution of insurance contract Debtor s default Notice of default to commission Procedure on default Payment of insurance Inspections by secured party. Care and insuring of property against damage Transfer of mortgage Secured party and debtor to have no right in industrial building mortgage insurance fund Effect of regulation amendment

3 Sec page 3 (9-97) Connecticut Industrial Building Commission Insuring of Industrial Mortgages Sec Application and fees Information required for the examination of an industrial project shall be submitted in the form of an application for mortgage insurance by an approved mortgagee and by the sponsors of such project through the executive secretary of the Connecticut Industrial Building Commission, on the commission s form executed in triplicate. No application will be considered unless the exhibits called for by such form are furnished and such application is accompanied by an application fee of *** such *** amount as the commission may from time to time prescribe. (See 1969 Supp ) Sec Commitment or unacceptance (a) No commitment shall be valid unless authorized by the commission, and a commitment shall be effective for a stated period. A commitment may be renewed in such manner as the commission may from time to time specify. (b) No such commitment shall become effective until the applicant has paid to the commission a commitment fee of one dollar and fifty cents for each one thousand dollars of the face amount of the mortgage to be insured or of such other amount as the commission may from time to time prescribe. (c) Upon approval of an application, a commitment shall be issued setting forth the terms and conditions upon which the mortgage payments shall be insured, including special requirements applicable to the project and requiring the submission in final form within a time specified of all appropriate documents, drawings, plans, specifications, appraisals, and other instruments evidencing full compliance, satisfactory to the commission. (d) If, upon examination of the application and supporting information, the commission rejects such application, it shall inform the mortgagor and mortgagee submitting such application. (Effective August 20, 1963) Sec Covenant for fire and other hazard insurance The mortgage shall contain a covenant acceptable to the commission binding the mortgagor to keep the property insured by a standard policy or policies against fire and such other hazards as the commission may stipulate, in an amount which will comply with the co-insurance clause applicable to the location and character of the property. The initial coverage shall be in an amount estimated by the commission at the time of completion of the entire project of units thereof. The policies evidencing such insurance shall be with companies and in amounts acceptable to the commission and shall have attached thereto a standard mortgagee clause making loss payable to the mortgagee and the commission as interests may appear. Sec Other covenants The mortgage shall contain covenants acceptable to the commission binding the mortgagor with respect to repairs and alterations to the property, or to the use of the property for purposes intended, and to payment of taxes and assessments, default reserves, delinquency charges, default remedies, anticipation of maturity, additional and secondary liens and other covenants as the commission may require.

4 Sec page 4 (9-97) Connecticut Industrial Building Commission Sec Accumulation of accruals (a) The mortgage shall provide for payment by the mortgagor to the mortgagee on each interest payment date of an amount sufficient to accumulate in the hands of the mortgagee, one payment period prior to its due date, the next actual mortgage insurance premium payable by the mortgagee to the commission. Such payments shall continue only so long as the contract of insurance shall remain in effect. (b) The mortgage shall provide for such equal periodic payments by the mortgagor to the mortgagee as will amortize the estimated amount of all taxes, water rates, ground rents and special assessments, if any, and fire and other hazard insurance premiums, within a period ending one period prior to the dates on which the same become delinquent. The mortgage shall further provide that such payments shall be held by the mortgagee, for the purpose of paying such taxes, water rates, ground rents and assessments, and insurance premiums, before the same become delinquent. The mortgage shall also make provision for adjustments, in case the estimated amount of such taxes, water rates, ground rents and assessments, and insurance premiums shall prove to be more or less than the actual amount thereof so paid by the mortgagor. (Subsec. (a) effective August 20, 1963; subsec. (b) effective November 26, 1968) Sec Application of payments (a) The mortgage shall provide that all periodic payments to be made by the mortgagor to the mortgagee shall be added together and the aggregate amount thereof shall be paid by the mortgagor upon each periodic payment date in a single payment. The mortgagee shall apply the same to the following items in the order set forth: (1) Premium charges under the contract of insurance; (2) ground rents, taxes, special assessments and fire and other hazard insurance premiums; (3) interest on the mortgage; (4) any advances made by the mortgagee permitted by section 32-17a(a) of the 1969 supplement to the general statutes; (5) amortization of the principal of the mortgage. (b) Any deficiency in the amount of any such aggregate periodic payment shall constitute an event of default. The mortgage shall further provide for a grace period within which time the default shall be made good. Sec Prepayment and late charges (a) Prepayment privilege. The mortgage shall contain a provision permitting the mortgagor to prepay the mortgage in whole or in part upon any interest payment date after giving to the mortgagee thirty days notice in writing in advance of its intention to so prepay. (b) Prepayment charge. The mortgage may contain a provision for such additional charge in the event of prepayment of principal as may be agreed upon between the mortgagor and mortgagee. However, the mortgagor shall be permitted to prepay up to fifteen per cent of the original principal amount of the mortgage in any one calendar year without any such additional charge. (c) Late charge. The mortgage may provide for the collection by the mortgagee of a late charge, not to exceed two cents for each dollar of each payment to interest or principal more than fifteen days in arrears, to cover the expense involved in handling delinquent payments. Late charges shall be separately charged to and collected from the mortgagor and shall not be deducted from any aggregate periodic payments.

5 Sec page 5 (9-97) Connecticut Industrial Building Commission Sec Servicing by mortgagee All approved mortgagees are required to service insured loans in accordance with acceptable mortgage practices of prudent lending institutions. In the event of default, the mortgagee shall contact the mortgagor and otherwise exercise diligence in collecting the amounts due. Sec Eligibility of property A mortgage to be eligible for insurance shall be on real estate held (1) in fee simple or (2) on the interest of the lessee under a lease for not less than ninetynine years having a period of not less than seventy-five years to run from the date the mortgage is executed, and which is renewable, and the building or buildings and improvements thereon shall be completed before issuance of any such insurance. Sec Certification of cost requirements Prior to the start of any construction, repair or rehabilitation, the mortgagor, the mortgagee and the commission shall enter into an agreement in form and content satisfactory to the commission for the purpose of precluding any excess of mortgage proceeds over statutory limitations. The agreement shall require that, upon completion of all physical improvements on the mortgaged property, the mortgagor shall execute an affidavit of actual costs. The agreement shall further require that any excess of mortgage proceeds over statutory limitations based on actual costs shall be applied to reduction of the principal of the mortgage committed for insurance by the commission. Sec Adjustment resulting from cost certification Upon receipt of mortgagor s affidavit of actual cost, there shall be added to the total amount thereof the commission s estimate of the fair market value of any land and existing improvements prior to the construction, repair or rehabilitation included in the mortgage security. If the land is held under a leasehold or other interest less than a fee, the cost, if any, of acquiring the leasehold or other interest is considered an allowable expense which may be added to actual cost, provided such amount shall not be in excess of the fair market value of such leasehold or other interest exclusive of proposed improvements. If the principal of the mortgage committed by the commission exceeds ninety per cent of this total amount, the commitment shall be reduced by the amount of such excess and the mortgage shall be similarly restricted in amount for insurance. Sec Eligibility of title In order for the mortgaged property to be eligible for insurance, the commission shall determine that marketable title thereto is vested in the mortgagor, subject only to leases, easements, restrictive covenants, current taxes and reservations of fissionable materials to the United States of America. (Effective August 20, 1963) Sec Title evidence Prior to insurance of the mortgage, the mortgagee, without expense to the commission, shall furnish to the commission a survey satisfactory to it and a policy of title insurance or an attorney s opinion of title as provided in subdivisions (1) and (2) of this section: (1) A policy of title insurance with respect to such mortgage, issued by a company satisfactory to the commission. Such policy shall comply with the

6 Sec page 6 (9-97) Connecticut Industrial Building Commission ATA standard mortgages form or such other form as may be approved by the commission; shall be payable to the mortgagee and the commission as their respective interests may appear; and shall become an owner s policy, running to the mortgagee as owner upon the acquisition of the property by the mortgagee in extinguishment of a debt through foreclosure or by other means, and to the commission as owner upon the acquisition of the property by it pursuant to the mortgage insurance contract. (2) A legal opinion satisfactory to the commission, as to the quality of such title, signed by an attorney at law, *** experienced in the examination of titles. (Subdiv. (2) effective November 26, 1968; remainder of section effective August 20, 1963) Sec Premium The mortgagee, upon execution of the insurance contract, shall pay to the commission a first mortgage insurance premium equal to two per cent of the original face amount of the mortgage or such lesser percentage as the commission shall require in their formal commitment to insure the mortgage payments. Premiums thereafter shall be at the rate aforesaid on the unpaid principal balance at the beginning of each mortgage year, and shall be payable by the mortgagee at the beginning of each mortgage year and are payable in advance. If premiums are not paid when due, such nonpayment shall constitute a default under any such mortgage and, if such default is not cured within thirty days thereafter, mortgage insurance benefits shall terminate. Sec Form of insurance contract (a) Procedure. Upon compliance with the terms and conditions of a commitment, the commission shall execute a contract to insure the mortgage payments. (b) Effect of execution. From the date of execution, the commission and mortgagee shall be bound by such contract, and the faith and credit of the state are pledged thereto. Sec Defaults The failure of the mortgagor to abide by the terms of the mortgage deed and mortgage note *** shall be considered a default under such mortgage. (Effective August 20, 1963) Sec Notice If the default as defined in section is not cured within *** thirty days, the mortgagee shall, within thirty days thereafter, notify the commission in writing of such default and *** of such action as the mortgagee intends to take to *** correct such default. (Effective August 20, 1963) Sec Commission s right to require acceleration Repealed, August 20, Sec Insurance benefit requirements Repealed, November 26, Sec a. Procedure by mortgagee on default The mortgagee shall become eligible for the benefits of the insurance provided by chapter 579 of the general statutes, as amended, if such default continues for more than sixty days, or within such other time as may be agreed upon by the commission and mortgagee in writing: (a) The mortgagee shall notify the commission

7 Connecticut Industrial Building Commission Sec page 7 (9-97) a of its opinion of the prudence of revising the terms of financing, and, if such revision appears to the commission to be prudent, appropriate papers satisfactory to the commission shall be drawn and executed by the mortgagor and mortgagee. (b) If a revision of the terms of financing does not appear prudent to the commission, and it is deemed advisable by the mortgagee or commission to institute foreclosure proceedings, then the mortgagee shall institute such foreclosure action and either obtain possession of the mortgaged property and the income therefrom through the voluntary surrender thereof and of title thereto by the mortgagor, or prosecute to judgment, with reasonable diligence, such proceedings for the foreclosure of the mortgage, either strict or by sale, and if proper, obtain the appointment of a receiver to manage the mortgaged property and collect the income therefrom and proceed to exercise such other rights and remedies as may be available to it for the protection and preservation of the mortgaged property and to obtain the income therefrom under the mortgage and the laws of this state. Upon institution of foreclosure, the mortgagee shall furnish the commission with copies of the foreclosure complaint and all subsequent pleadings, including a copy of the appraisal report, and in the event of judgment in connection therewith, the mortgagee shall within thirty days after such judgment, file with the commission a certified copy of such judgment. (c) If the mortgagee so acquires title to the mortgaged property, the mortgagee shall proceed to effect an orderly liquidation of the property within ninety days from such date of acquisition of title. If the property cannot be liquidated within such period at a price equal to or in excess of the total value of the mortgage as defined in section 32-17a of the 1969 supplement to the general statutes, any offer or offers shall be submitted to the commission, which shall, within thirty days of the receipt of the offer or offers, approve one thereof to whom the mortgagee shall then sell or the commission shall accept title as hereinafter provided for. (d) In the event of foreclosure by sale and a deficiency judgment in connection therewith, the mortgagee shall within thirty days after such deficiency judgment, file with the commission a certified copy of deficiency judgment. (e) If title to the property passes to the commission the mortgagee shall submit the following documents to the commission: (1) A properly executed deed conveying a marketable title and containing covenants satisfactory to the commission; (2) title evidence satisfactory to the commission and without expense to it, as of a date to include the recordation of the deed to the commission, which shall be in form satisfactory to the commission covering the period subsequent to the recording of the mortgage, or a satisfactory continuation of the title evidence accepted by the commission at the time the mortgage was insured, depending on the form of title evidence originally accepted by the commission; (3) a bill of sale, covering any personal property or other security to which the mortgagee is entitled by reason of the mortgage transaction, conveying title to such property or other security satisfactory to the commission; (4) an assignment of all claims of the mortgagee against the mortgagor or others arising out of the mortgage or the foreclosure, except such claims as may have been released with the consent of the commission. (f) If the commission determines to accept an assignment of the mortgage indebtedness and all security therefor, the mortgagee shall assign, transfer and deliver to the commission the original mortgage note and the mortgage securing the same, without recourse or warrantee, except that the mortgagee in writing shall warrant that no act or omission of the mortgagee has impaired the validity and the priority of the mortgage, that the mortgage is prior to all mechanics and materialmen s liens filed of record subsequent to the recording of such mortgage regardless of

8 Sec page 8 (9-97) a Connecticut Industrial Building Commission whether such liens attached prior to such recording date and prior to all liens and encumbrances which may have attached or defects which may have arisen subsequent to the recording of such mortgage, except such liens or other matters as may be approved by the commission and shall provide an affidavit declaring that the amounts stated in the instrument or assignment are actually due and owing under the mortgage, that there are no offsets or counterclaims thereto, and that the mortgagee has a good right to assign same to the commission. In addition, the mortgagee shall assign, transfer and deliver by proper instrument the following: (1) All rights and interest arising under the mortgage so in default; (2) all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction; (3) all policies of title or other insurance or surety bonds or other guarantees, and any and all claims thereunder, including evidence satisfactory to the commission that the original title coverage has been extended to include the assignment of the mortgage to the commission; (4) any cash or property or other security held by the mortgagee and available to the mortgagee for application to the mortgage debt; (5) all records, documents, books, papers and accounts relating to the mortgage transaction; (6) any additional information or data which the commission may require, or an assignment of all claims of the mortgagee against the mortgagor or others arising out of the mortgage or the foreclosure, except such claims as may have been released with the consent of the commission. (g) Notwithstanding the foregoing, the commission, after default or threatened default, may make payments of instalments of principal or interest or both, and of taxes and insurance, for a temporary period. Sec Insurance benefits Repealed, August 20, Sec a. Eligibility for insurance payments Upon sale of property by the mortgagee, or upon assignment to the commission of the mortgage and of all claims against the mortgagor, or upon deeding the property to the commission, all in accordance with the provisions of section a the mortgagee shall be entitled to the insurance benefits provided in section 32-17a of the 1969 supplement to the general statutes, after deducting any sums received in any sale by the mortgagee. Sec Protection of mortgage security (a) Annual inspection of property by mortgagee. So long as the mortgage is an insured mortgage, the mortgagee shall ascertain the general physical condition of the mortgaged property in each calendar year commencing with the calendar year following completion of the project. The mortgagee shall furnish the commission and the mortgagor with a copy of its inspection report, which shall contain the mortgagee s recommendations for any necessary corrective action. (b) Restoration of property by mortgagee. If, at any time, it be determined by the mortgagee that, in addition to ordinary wear and tear, the mortgaged property is being subjected to permanent or substantial injury, through unreasonable use, abuse or neglect, the mortgagee shall, unless adequate provision satisfactory to a prudent lender is made for the prompt restoration of the mortgaged property, forthwith take such action as may be available to it under the mortgage and appropriate

9 Sec page 9 (9-97) Connecticut Industrial Building Commission to the particular case, for the protection and preservation of the mortgaged property and the income therefrom. (c) Insurance of property against fire and hazard. The mortgaged premises shall at all times be insured against fire and other hazards as provided in the mortgage. The mortgagee shall provide such coverage in the event the mortgagor fails to do so. If the mortgagee fails to pay any premiums necessary to keep the mortgaged premises so insured, the contract of insurance may be terminated at the election of the commission. (d) Effect of failure to provide adequate fire and hazard insurance. If at the time claim is filed for the payment of insurance the property has been damaged by fire or other hazards and the loss has been sustained by reason of failure to keep the property insured as provided in the mortgage, the amount of such loss may be deducted from the amount of the insurance settlement. (e) Application of fire and hazard insurance proceeds. (1) If a loss has occurred to the mortgaged property under any policy of fire or other hazard insurance and the mortgagee has received the proceeds therefrom, it shall not exercise its option under the mortgage to use the proceeds of such insurance for the repairing, replacing or rebuilding of the premises, or apply them to the mortgage indebtedness, without the prior written approval of the commission, except for emergency repairs not to exceed the sum of five thousand dollars or five per cent of the insurance in force whichever may be less. (2) If the proceeds are applied to the mortgage with such prior written approval and result in the payment in full of the entire mortgage indebtedness, the contract of mortgage insurance made with the commission shall thereupon terminate. (3) If the commission fails to give its approval to the use or application of such funds for either of said purposes within thirty days after written request by the mortgagee, the mortgagee may use or apply such funds for any of the purposes specified in the mortgage without the approval of the commission. (Effective August 20, 1963) Sec Assignment of insured mortgages (a) An insured mortgage may be transferred only to a transferee who is a mortgagee approved by the commission. Upon such transfer and the assumption by the transferee of all obligations under the contract of insurance, the transferor shall be released from its obligations under the contract of insurance. (b) The contract of insurance shall terminate with respect to mortgages described in subsection (a) of this section upon the transfer or pledge of the insured mortgage to any person, firm, or corporation, public or private, other than an approved mortgagee. Sec No vested right Neither the mortgagee nor the mortgagor shall have any vested or other right in the industrial building mortgage insurance fund. Sec Amendments not to change contractual rights These regulations may be amended by the commission at any time and from time to time, in whole or in part, but such amendments may not adversely affect the interest of a mortgagee under the contract of insurance on any mortgage already insured or to be insured on which the commission has made a commitment to insure. Sec Application for insurance Information required for the examination of an insured loan on machinery and equipment shall be submitted in the form of an application for insurance by an

10 Sec page 10 (9-97) Connecticut Industrial Building Commission approved mortgagee and by the sponsors of such project through the executive secretary of the Connecticut Industrial Building Commission, on the commission s form executed in triplicate. No application will be considered unless the exhibits called for by such form are furnished and such application is accompanied by an application fee of such amount as the commission may from time to time prescribe. Sec Commitments (a) No commitment shall be valid unless authorized by the commission, and a commitment shall be effective for a stated period. A commitment may be renewed in such manner as the commission may from time to time specify. (b) No such commitment shall become effective until the applicant has paid to the commission a commitment fee of such amount as the commission may from time to time prescribe. (c) Upon approval of an application, a commitment shall be issued setting forth the terms and conditions upon which the loan payments shall be insured, including special requirements applicable to the project and requiring the submission in final form within a time specified of all appropriate documents and instruments evidencing full compliance, satisfactory to the commission. (d) If, upon examination of the application and supporting information, the commission rejects such application, it shall inform the debtor and secured party submitting such application. Sec Covenant of debtor re insurance The security agreement shall contain a covenant acceptable to the commission binding the debtor to keep the machinery and equipment insured by a standard policy or policies against fire and such other hazards as the commission may stipulate, in an amount equal to the full value of such machinery and equipment and in no event less than the outstanding indebtedness thereon. The policies evidencing such insurance shall have attached thereto a loss payable clause making loss payable to the secured party and the commission, as their interests may appear prior to any other loss payments. Sec Covenant of debtor re repairs and statements (a) The security agreement shall contain covenants acceptable to the commission binding the debtor with respect to repairs and alterations to the machinery and equipment, or to the use of the machinery and equipment for the purposes intended, and to the payment of taxes and assessments, default reserves, delinquency charges, default remedies, anticipation of maturity, additional and secondary liens. (b) The security agreement shall also contain a covenant that the debtor will forward quarterly statements and an annual certified audited statement to the secured party and the commission within a prescribed period. The annual certified statement may be substituted for the fourth quarter statement. Sec Security agreement provisions for payment by debtor (a) The security agreement shall provide for payment by the debtor to the secured party on each interest payment date of an amount sufficient to accumulate in the hands of the secured party, one payment period prior to its due date, the next actual

11 Sec page 11 (9-97) Connecticut Industrial Building Commission insurance premium payable by the secured party to the commission. Such payments shall continue only so long as the contract of insurance shall remain in effect. (b) The security agreement shall provide for such equal periodic payments by the debtor as will amortize the estimated amount of all taxes and fire and other hazard insurance premiums within a period ending one period prior to the dates on which the same become delinquent. The security agreement shall further provide that such payments shall be held by the mortgagee, for the purpose of paying such taxes and insurance premiums, before the same become delinquent. The security agreement shall also make provision for adjustments, in case the estimated amount of such taxes and insurance premiums shall prove to be more or less than the actual amount thereof so paid by the debtor. Sec Single payment on due date The security agreement shall provide that all periodic payments to be made by the debtor to the secured party shall be added together and the aggregate amount thereof shall be paid by the debtor upon each periodic payment date in a single payment. The secured party shall apply the same to the following items in the order set forth: (1) Premium charges under the contract of insurance; (2) taxes and fire and other hazard insurance premiums; (3) interest on the debt; (4) amortization of the principal of the debt. Sec Prepayment. Late charges (a) The security agreement shall contain a provision permitting the debtor to prepay the debt in whole or in part upon any interest payment date after giving to the secured party thirty days notice in writing in advance of its intention to so prepay. (b) The security agreement may contain a provision for such additional charge in the event of prepayment of principal as may be agreed upon between the debtor and the secured party, provided the debtor shall be permitted to prepay up to thirty per cent of the original principal amount of the debt in any one calendar year without any such additional charge. (c) The security agreement may provide for the collection by the secured party of a late charge, not to exceed two cents for each dollar of each payment to interest or principal more than fifteen days in arrears, to cover the expense involved in handling delinquent payments. Late charges shall be separately charged to and collected from the debtor and shall not be deducted from any aggregate periodic payment. Sec Service of insured loans by secured parties All approved secured parties shall service insured loans in accordance with acceptable practices of prudent lending institutions. In the event of default, the secured party shall contact the debtor and otherwise exercise diligence in collecting the amounts due. Sec Requirements re insured equipment A security agreement to be eligible for insurance shall be on machinery and equipment held (1) in fee simple, certified as new equipment by the original manufacturer, or (2) in fee simple, refurbished and remodeled heavy duty capital machinery and equipment which has been guaranteed by the manufacturer with the same

12 Sec page 12 (9-97) Connecticut Industrial Building Commission guarantee as new machinery and equipment with a usable life of at least twice the term of the loan request. Sec Requirements of commitment The commitment for insurance on machinery and equipment shall require (1) that the debtor execute a certificate of the actual cost of any machinery and equipment to be insured; (2) that the debtor file with the secured party and the commission copies of invoices or other documentary evidence of the cost of any machinery and equipment to be insured; (3) that any excess of loan proceeds over statutory limitations based on actual cost be applied to reduction of the principal of the loan committed for insurance by the commission. Sec Limitation on commitment Upon receipt of the debtor s affidavit of actual cost, if the principal of the loan committed by the commission exceeds eighty per cent of such cost, the commitment shall be reduced by the amount of such excess and the loan shall be similarly restricted in amount for insurance. Sec Title of equipment to be vested in debtor In order for machinery and equipment to be eligible for insurance, the commission shall determine that title thereto is vested in the debtor, subject only to current taxes. Sec Documents to be furnished prior to insurance Prior to the insurance of the loan, the debtor or the secured party, without expense to the commission, shall furnish (1) a bill of sale or other sufficient title instrument for the machinery and equipment to be insured and (2) a certificate from the secretary of the state that as of the date of the security agreement there are no liens or encumbrances on file under the Uniform Commercial Code on any machinery and equipment to be insured. Sec Premium payments The secured party, upon execution of the insurance contract, shall pay to the commission a first insurance premium equal to two per cent of the original face amount of the loan or such lesser percentage as the commission shall require in its formal commitment to insure the loan payments. Premiums thereafter shall be at the rate aforesaid on the unpaid principal balance on the anniversary date of the loan each year, and shall be payable by the secured party at the beginning of each year and shall be payable in advance. If premiums are not paid when due, such nonpayment shall constitute a default and if such default is not cured within thirty days thereafter, insurance benefits shall terminate. Sec Execution of insurance contract Upon compliance with the terms and conditions of a commitment, the commission shall execute a contract to insure the loan payments.

13 Sec page 13 (9-97) Connecticut Industrial Building Commission Sec Debtor s default (a) The failure of the debtor to abide by the terms of the security agreement and note shall be considered a default. (b) The note or security agreement shall contain a provision that the failure of the debtor to make a payment of an instalment of principal and interest due under the note within not more than thirty days of the due date shall constitute a default. Upon the occurrence of any such default, any and all sums due and owing by the debtor under the security agreement and note shall, at the option of the secured party, become immediately due and payable. Sec Notice of default to commission If a default as defined in section occurs, the secured party shall, within thirty days thereafter, notify the commission in writing that the security agreement is in default and of such action as the secured party intends to take to correct such default. Sec Procedure on default If such default continues for more than sixty days, or within such other time as may be agreed upon by the commission and secured party in writing: (1) The secured party shall notify the commission of its opinion of the prudence of revising the terms of financing, and, if such revision appears to the commission to be prudent, appropriate papers satisfactory to the commission shall be drawn and executed by the debtor and secured party. (2) If a revision of the terms of financing does not appear prudent to the commission and it is deemed advisable by the secured party or commission to institute foreclosure proceedings, reduce the claim to judgment or utilize any other available judicial procedure, then the secured party shall institute such proceedings and obtain possession of the collateral taking whatever judicial process may be necessary to so obtain possession. After obtaining possession of the collateral the secured party shall, with the approval of the commission, proceed to sell, lease or otherwise dispose of any or all collateral in its then condition or following any commercially reasonable preparation or processing and shall apply the proceeds therefrom as required under the laws of this state. Upon the institution of any legal proceedings after default the secured party shall furnish the commission with copies of any and all papers filed in court and shall, within thirty days after rendering of any judgment, file with the commission a certified copy thereof. (3) If title to the collateral passes to the commission, the secured party shall submit the following documents to the commission: (A) A bill of sale covering the machinery and equipment or other security to which the secured party is entitled by reason of the security agreement, conveying title to such property satisfactory to the commission; (B) an assignment of all claims of the secured party against the debtor or others arising out of the security agreement, except such claims as may have been released with the consent of the commission; (C) an assignment of the security interest under the Uniform Commercial Code. (4) If the commission determines to accept an assignment of the insured indebtedness and all security therefor, the secured party shall assign, transfer and deliver to the commission the original note and the security agreement, without recourse or warrantee, except that the secured party shall warrant in writing that no act or omission of the secured party has impaired the validity and the priority of the security interest, that the amounts stated in the instrument of assignment are actually due and owing, that there are no offsets

14 Sec page 14 (9-97) Connecticut Industrial Building Commission or counterclaims thereto and that the secured party has a good right to assign the same to the commission. In addition, the secured party shall assign, transfer and deliver by proper instrument the following: (A) All title and interest in the machinery and equipment or other security to which the secured party is entitled by reason of the security agreement; (B) all policies of insurance or surety bonds or other guarantees, and any and all claims thereunder; (C) any cash or property or other security held by the secured party and available to the secured party for application to the debt; (D) all records, documents, books, papers and accounts relating to the insured transaction; (E) any additional information or data which the commission may require; (F) notwithstanding the foregoing, the commission after default or threatened default may make payments of installments of principal or interest or both, and of taxes and insurance, for a temporary period. Sec Payment of insurance Upon sale of the secured property by the secured party, or upon assignment to the commission of the insured indebtedness and all security therefor, or upon the passing of title to the secured property to the commission, all in accordance with the provisions of a, the secured party shall be entitled to the benefits of the insurance provided in section of the 1969 supplement to the general statutes, after the deduction of any sums received from the sale, lease or other disposition of the secured property. Sec Inspections by secured party. Care and insuring of property against damage (a) So long as the loan for machinery and equipment is an insured loan, the secured party shall ascertain the general physical condition of the security in each calendar year commencing with the calendar year following date of the note. The secured party shall furnish the commission and the debtor with a copy of its inspection report, which shall contain the secured party s recommendations for any necessary corrective action. (b) If, at any time, it is determined by the secured party that, in addition to ordinary wear and tear, the security is being subjected to permanent or substantial injury, through unreasonable use, abuse or neglect, the secured party shall, unless adequate provision satisfactory to a prudent lender is made for prompt restoration of the machinery and equipment, forthwith take such action as may be available to it under the security agreement and appropriate to the particular case, for the protection and preservation of the machinery and equipment. (c) The machinery and equipment shall at all times be insured against fire and other hazards as provided in the security agreement. The secured party shall provide coverage if the debtor fails to do so. If the secured party fails to pay any premiums necessary to keep the security so insured, the contract of insurance may be terminated at the election of the commission. (d) If at the time claim is filed for payment of mortgage insurance, the machinery and equipment has been damaged by fire or other hazards and the loss has been sustained by reason of failure to keep the security insured as provided in the security agreement, the amount of such loss may be deducted from the amount of the insurance settlement. (e) If a loss has occurred to machinery and equipment under any policy of fire or other hazard insurance, and the debtor or secured party has received the proceeds

15 Sec page 15 (9-97) Connecticut Industrial Building Commission therefrom, they shall be applied to the indebtedness on such machinery and equipment unless the commission shall approve the application of such proceeds for the purpose of repairing or rebuilding such machinery and equipment. If such proceeds are applied to the indebtedness and result in payment in full thereof, the contract of insurance made with the commission shall terminate. Sec Transfer of mortgage (a) An insured mortgage on machinery and equipment may be transferred with the prior written approval of the commission. Such a transferee shall meet all the conditions and obligations of the original secured party. Upon such transfer and the assumption by the transferee of all obligations under the contract of insurance, the transferor shall be released from its obligations under the contract of insurance. (b) The contract of insurance shall terminate upon the transfer by the secured party to any person, firm or corporation, public or private, without the prior approval required by subsection (a). Sec Secured party and debtor to have no right in industrial building mortgage insurance fund Neither the secured party nor the debtor shall have any vested or other right in the industrial building mortgage insurance fund. Sec Effect of regulation amendment These regulations may be amended by the commission at any time and from time to time, in whole or in part, but such amendments may not adversely affect the interest of a secured party under the contract of insurance of any mortgage on machinery and equipment already insured or to be insured on which the commission has made a commitment to insure.

Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage ("Security Instrument") is given on (date). The Mortgagor is (Name), of

Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage (Security Instrument) is given on (date). The Mortgagor is (Name), of Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage ("Security Instrument") is given on (date). The Mortgagor is (Name), of (street address, city, county, state, zip code), hereafter called

More information

DEED OF TRUST (Due on Transfer Strict)

DEED OF TRUST (Due on Transfer Strict) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 The printed portions of this form, except

More information

ATTACHMENT 3 SUMMARY OF CERTAIN PROVISIONS OF THE FINANCING AGREEMENT

ATTACHMENT 3 SUMMARY OF CERTAIN PROVISIONS OF THE FINANCING AGREEMENT ATTACHMENT 3 SUMMARY OF CERTAIN PROVISIONS OF THE FINANCING AGREEMENT The following is a brief summary of certain provisions of the Interagency Financing Agreement (the Financing Agreement ). Such summary

More information

Standard Charge Terms Land Registration Reform Act

Standard Charge Terms Land Registration Reform Act Page 1 of 32 Standard Charge Terms Land Registration Reform Act Filed By: Canadian Imperial Bank of Commerce Filing Number: 201610 Filing Date: March 29, 2016 The following set of standard charge terms

More information

2 Be it enacted by the People of the State of Illinois, 4 Section 1. Short title. This Act may be cited as the

2 Be it enacted by the People of the State of Illinois, 4 Section 1. Short title. This Act may be cited as the SB49 Enrolled LRB9201970MWcd 1 AN ACT concerning home mortgages. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be

More information

TABLE OF CONTENTS Home Ownership Program

TABLE OF CONTENTS Home Ownership Program Public Works Commissioner Sec. 8-84 page 1 (10-96) TABLE OF CONTENTS Home Ownership Program Definitions... 8-84-1 Loans... 8-84-2 Borrowers.... 8-84-3 Housing.... 8-84-4 Loan correspondents... 8-84-5 Fees

More information

Standard Mortgage Terms

Standard Mortgage Terms Page 1 of 45 Standard Mortgage Terms Filed By: Canadian Imperial Bank of Commerce Filing Number: MT160006 Filing Date: March 17, 2016 The following set of standard mortgage terms shall be deemed to be

More information

Law on Mortgage of Immovable Property in Banking Transactions Chapter One General Provisions

Law on Mortgage of Immovable Property in Banking Transactions Chapter One General Provisions Law on Mortgage of Immovable Property in Banking Transactions Chapter One General Provisions Necessity of Creation of Law Article 1: This law is created to regulate the affairs relating to mortgage of

More information

[Space Above This Line For Recording Data] which has the address of

[Space Above This Line For Recording Data] which has the address of FORM 3C.8 HOME EQUITY CONVERSION: MODEL MORTGAGE FORM [Space Above This Line For Recording Data] State of [see note 1] MORTGAGE THIS MORTGAGE ( Security Instrument ) is given on, 20. The mortgagor is,

More information

TABLE OF CONTENTS. Page

TABLE OF CONTENTS. Page SERVICING AGREEMENT TABLE OF CONTENTS Section 1. Definitions 3 Section 2. Term 4 Section 3. Relationship of Purchaser and Servicer 4 Section 4. Servicing Activities 5 Section 5. Related Escrow Accounts

More information

Additional Terms and Conditions

Additional Terms and Conditions Page 1 of 35 Additional Terms and Conditions The following set of additional terms and conditions is attached as Schedule B to Canadian Imperial Bank of Commerce Residential Mortgages in Newfoundland and

More information

4235.1 REV-1 APPENDIX 4. [Space Above This Line For Recording Data]

4235.1 REV-1 APPENDIX 4. [Space Above This Line For Recording Data] APPENDIX 4 FHA Case No. MODEL SECOND MORTGAGE FORM (HOME EQUITY CONVERSION) [See Instructions Attached] [Space Above This Line For Recording Data] SECOND MORTGAGE THIS MORTGAGE ("Security Instrument" or

More information

Retail Collateral Mortgage

Retail Collateral Mortgage Page 1 Retail Collateral Mortgage Form 15.1 Land Titles Act, S.N.B. 1981, c.l-1.1, s.25 Standard Forms of Conveyances Act, S.N.B. 1980, c.s-12.2, s.2 Parcel Identifier: Mortgagor: PID name address AND

More information

CHAPTER 35-03 MORTGAGE OF REAL PROPERTY

CHAPTER 35-03 MORTGAGE OF REAL PROPERTY CHAPTER 35-03 MORTGAGE OF REAL PROPERTY 35-03-01. Mortgage of real property must be in writing - Formalities necessary. A mortgage of real property can be created, renewed, or extended only by writing,

More information

HOME INVESTMENT PARTNERSHIPS PROGRAM FIRST-TIME HOMEBUYER ACQUISITION LOAN MORTGAGE

HOME INVESTMENT PARTNERSHIPS PROGRAM FIRST-TIME HOMEBUYER ACQUISITION LOAN MORTGAGE HOME INVESTMENT PARTNERSHIPS PROGRAM FIRST-TIME HOMEBUYER ACQUISITION LOAN MORTGAGE THIS MORTGAGE (this "Mortgage") is made this day of, 20 between the mortgagor, (herein "Borrower") whose address is,

More information

MORTGAGE REF. NO. FREEHOLD LEASEHOLD (check ( ) appropriate box)

MORTGAGE REF. NO. FREEHOLD LEASEHOLD (check ( ) appropriate box) MORTGAGE REF. NO. FREEHOLD LEASEHOLD (check ( ) appropriate box) I/We,, (the borrower) being registered as owner of CHECK BOX an estate in fee simple possession, WHICH APPLIES a leasehold estate, subject,

More information

(insert name and address)

(insert name and address) Lease Agreement for Plant and Machinery LESSOR; LESSEE; DATE: (insert name and address) (insert name and address) 1. LEASE: The lessor hereby agrees to lease to Lessee and the Lessee hereby agrees to take

More information

MINNESOTA COMMERCIAL LEASE AGREEMENT. This lease is made between, herein called Lessor, and

MINNESOTA COMMERCIAL LEASE AGREEMENT. This lease is made between, herein called Lessor, and MINNESOTA COMMERCIAL LEASE AGREEMENT This lease is made between, herein called Lessor, and, herein called Lessee, agree upon the following TERMS and CONDITIONS: 1) Property: Lessee hereby offers to lease

More information

HOME OWNER ASSISTANCE PROGRAM SILENT SECOND LOAN PROMISSORY NOTE SECURED BY A DEED OF TRUST. Corona, California. Principal Amount: Date of Loan:

HOME OWNER ASSISTANCE PROGRAM SILENT SECOND LOAN PROMISSORY NOTE SECURED BY A DEED OF TRUST. Corona, California. Principal Amount: Date of Loan: HOME OWNER ASSISTANCE PROGRAM SILENT SECOND LOAN PROMISSORY NOTE SECURED BY A DEED OF TRUST Corona, California Principal Amount: Date of Loan: FOR VALUE RECEIVED, the undersigned ( Maker ) promises to

More information

CN - 1 $50,000 (YOUR COMPANY NAME HERE) CONVERTIBLE SUBORDINATED PROMISSORY NOTE

CN - 1 $50,000 (YOUR COMPANY NAME HERE) CONVERTIBLE SUBORDINATED PROMISSORY NOTE THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT

More information

RHODE ISLAND HOUSING AND MORTGAGE FINANCE CORPORATION REGULATIONS GOVERNING THE REVERSE EQUITY MORTGAGE LOAN PROGRAMS

RHODE ISLAND HOUSING AND MORTGAGE FINANCE CORPORATION REGULATIONS GOVERNING THE REVERSE EQUITY MORTGAGE LOAN PROGRAMS RHODE ISLAND HOUSING AND MORTGAGE FINANCE CORPORATION REGULATIONS GOVERNING THE REVERSE EQUITY MORTGAGE LOAN PROGRAMS I. DEFINITIONS A. As used in these regulations: 1. "Advance" means a monthly cash advance

More information

GUARANTEE OF LOANS (SMALL BUSINESSES) ARRANGEMENT OF SECTIONS GUARANTEE OF LOANS (SMALL BUSINESSES) [CH.345 1

GUARANTEE OF LOANS (SMALL BUSINESSES) ARRANGEMENT OF SECTIONS GUARANTEE OF LOANS (SMALL BUSINESSES) [CH.345 1 [CH.345 1 SECTION CHAPTER 345 ARRANGEMENT OF SECTIONS 1. Short title. 2. Interpretation. 3. Power of Government to guarantee loans for small businesses. 4. Minister to be a corporation sole. 5. Approval

More information

Equipment Financing. Christine Gould Hamm February 27, 2015

Equipment Financing. Christine Gould Hamm February 27, 2015 Equipment Financing Christine Gould Hamm February 27, 2015 Equipment Equipment means goods other than inventory, farm products, or consumer goods. UCC 9-102(a)(33). Inventory goods held for sale or lease

More information

MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages

MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages LAND TITLE ACT FORM B (Section 225) Province of British Columbia MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages 1. APPLICATION: (Name, address, phone number and signature of applicant,

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Title 9-A: MAINE CONSUMER CREDIT CODE Article 2: Finance Charges and Related Provisions Table of Contents Part 1. GENERAL PROVISIONS... 3 Section 2-101. SHORT TITLE... 3 Section 2-102. SCOPE... 3 Part

More information

Loan Agreement (Short Form)

Loan Agreement (Short Form) Loan Agreement (Short Form) Document 2050A Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc. nor any of the providers of information that appear

More information

1. Property Description. Seller hereby sells and Purchaser hereby buys real property in County, Minnesota, described as follows:

1. Property Description. Seller hereby sells and Purchaser hereby buys real property in County, Minnesota, described as follows: (Top 3 inches reserved for recording data) CONTRACT FOR DEED by Individual(s) Minnesota Uniform Conveyancing Blanks Form 30.1.1 (2011) DATE: THIS CONTRACT FOR DEED (the Contract ) is made on the above

More information

(Space Above This Line For Recording Data) SECOND MORTGAGE

(Space Above This Line For Recording Data) SECOND MORTGAGE This document was prepared by: When recorded, please return to: Illinois Housing Development Authority 401 N. Michigan Avenue, Suite 700 Chicago, IL 60611 Attn: Home Ownership Programs (Space Above This

More information

SCHEDULE OF RATES FOR TITLE INSURANCE THE STATE OF LOUISIANA. LIRC#s: DEMT-130142099 DEMT- 130142690

SCHEDULE OF RATES FOR TITLE INSURANCE THE STATE OF LOUISIANA. LIRC#s: DEMT-130142099 DEMT- 130142690 SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF LOUISIANA FILED WITH THE LOUISIANA DEPARTMENT OF INSURANCE TO BE EFFECTIVE AS TO ORDERS RECEIVED ON OR AFTER October 1, 2015 LIRC#s: DEMT-130142099

More information

SAMPLE DOCUMENT NOT FOR EXECUTION

SAMPLE DOCUMENT NOT FOR EXECUTION SAMPLE DOCUMENT NOT FOR EXECUTION STATE OF SOUTH CAROLINA ) ) GROUND LEASE COUNTY OF RICHLAND ) This Ground Lease ( Lease ) is made and entered into this day of,, by and between the University of South

More information

LAND CONTRACT. Parties. 1. THE SELLER AGREES AS FOLLOWS: (a) To sell and convey to the Purchaser the following described property:

LAND CONTRACT. Parties. 1. THE SELLER AGREES AS FOLLOWS: (a) To sell and convey to the Purchaser the following described property: LAND CONTRACT (WITH ALTERNATE TAX AND INSURANCE PROVISIONS) Parties Description Of Premises This Contract, made this day of, between, hereinafter referred to as the Seller, whose address is and, hereinafter

More information

CHAPTER 179. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: 1. R.S.34:15-104 is amended to read as follows:

CHAPTER 179. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: 1. R.S.34:15-104 is amended to read as follows: CHAPTER 179 AN ACT concerning the workers' compensation security funds and amending and repealing various sections of chapter 15 of Title 34 of the Revised Statutes. BE IT ENACTED by the Senate and General

More information

Prepared by Jennifer Lockwood, Associate Research Analyst July 21, 2015 15FS020

Prepared by Jennifer Lockwood, Associate Research Analyst July 21, 2015 15FS020 FACT SHEET W Y O M I N G L E G I S L A T I V E S E R V I C E O F F I C E Prepared by Jennifer Lockwood, Associate Research Analyst July 21, 2015 15FS020 BONDING AUTHORITY PROVISIONS Table 1, below, displays

More information

Page # 1 Checklist Credit December 2012 (3).docx Date Revised: 12/17/12

Page # 1 Checklist Credit December 2012 (3).docx Date Revised: 12/17/12 State of New Hampshire Insurance Department REVIEW REQUIREMENTS CHECKLIST FOR CREDIT LIFE, ACCIDENT, UNEMPLOYMENT AND DISABILITY INCOME INSURANCE LINE OF BUSINESS: CREDIT TOI CODES: CR01 through CR07 INSTRUCTIONS

More information

Land Registration Reform Act. Filing No. 200727. filed by Home Trust Company STANDARD CHARGE TERMS

Land Registration Reform Act. Filing No. 200727. filed by Home Trust Company STANDARD CHARGE TERMS Land Registration Reform Act Filing No. 200727 filed by Home Trust Company STANDARD CHARGE TERMS These STANDARD CHARGE TERMS shall be deemed to be included in every Charge/Mortgage which refers to them

More information

CHAPTER 536 REGULATED LOANS

CHAPTER 536 REGULATED LOANS CHAPTER 536 REGULATED LOANS 536.1 Title license required. 536.2 Application fees. 536.3 Bond. 536.4 Grant or refusal of license. 536.5 License form posting. 536.6 Additional bond available assets. 536.7

More information

Sec. 32-9q page 1 (9-97)

Sec. 32-9q page 1 (9-97) Sec. 32-9q page 1 (9-97) TABLE OF CONTENTS Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes Definitions.... 32-9q-1

More information

I/We, , (the borrower ) being registered as owner of

I/We, , (the borrower ) being registered as owner of MORTGAGE REF. NO. FREEHOLD LEASEHOLD (check ( ) appropriate box) I/We,, (the borrower ) being registered as owner of CHECK BOX WHICH APPLIES an estate in fee simple in possession, a leasehold estate, in

More information

STANDARD MORTGAGE TERMS. Filed By: Home Trust Company. Filing Date: March 14, 2008. Filing Number: MT080096

STANDARD MORTGAGE TERMS. Filed By: Home Trust Company. Filing Date: March 14, 2008. Filing Number: MT080096 STANDARD MORTGAGE TERMS Filed By: Home Trust Company Filing Date: March 14, 2008 Filing Number: MT080096 These STANDARD MORTGAGE TERMS shall be deemed to be included in every Mortgage which incorporates

More information

Sec. 32-9nn page 1 (9-97)

Sec. 32-9nn page 1 (9-97) Sec. 32-9nn page 1 (9-97) TABLE OF CONTENTS Loans to Businesses Impacted by Road and Bridge Repair Definitions... 32-9nn-1 Requirements for the determination of the extent of adverse impact.. 32-9nn-2

More information

STATE OF ALABAMA ALABAMA LAW INSTITUTE

STATE OF ALABAMA ALABAMA LAW INSTITUTE STATE OF ALABAMA ALABAMA LAW INSTITUTE ALABAMA REDEMPTION FROM AD VALOREM TAX SALES May 2008 ALABAMA LAW INSTITUTE 326 Law Center Post Office Box 861425 Tuscaloosa, Alabama 35486 (205) 348-7411 FAX (205)

More information

(LABOR HOUSING LOAN AND GRANT TO A NONPROFIT CORPORATION)

(LABOR HOUSING LOAN AND GRANT TO A NONPROFIT CORPORATION) Form RD 3560-41 ` FORM APPROVED (02-05) OMB NO 0575-0189 (LABOR HOUSING LOAN AND GRANT TO A NONPROFIT CORPORATION) LOAN AND GRANT RESOLUTION OF, 20 RESOLUTION OF THE BOARD OF DIRECTORS OF PROVIDING FOR

More information

CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT

CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT 51-13-01. Definitions. In this chapter, unless the context or subject matter otherwise requires: 1. "Amount financed" or "unpaid balance" means the cash price

More information

Limited Agency/Company Agreement

Limited Agency/Company Agreement Effective, this Agreement is entered into by and between Safepoint MGA, LLC and Safepoint Insurance Company Inc., hereinafter referred to as Company, and hereinafter referred to as Agent. It being the

More information

EQUITY SHARING AGREEMENT

EQUITY SHARING AGREEMENT EQUITY SHARING AGREEMENT This Equity Sharing Agreement (the Agreement ) is entered into as of the date set forth below by and between a California nonprofit corporation (the Church ), and (the Occupant

More information

Chapter 16.---CONTRACTS AND PROMISES. Article 1.---General Provisions

Chapter 16.---CONTRACTS AND PROMISES. Article 1.---General Provisions Chapter 16.---CONTRACTS AND PROMISES Article 1.---General Provisions K.S.A. 16-117. Credit agreements; definitions. As used in this act: (a) "Credit agreement" means an agreement by a financial institution

More information

Contract For Sale Of Realty

Contract For Sale Of Realty Contract For Sale Of Realty 44-5-32 (Name and address of person to whom document is to be returned) Georgia, County THIS AGREEMENT made and entered into this the day of, 20, by and between of County, Georgia,

More information

CERTIFICATE OF DESIGNATION OF TERMS OF NON-CUMULATIVE CONVERTIBLE SERIES 2004-1 PREFERRED STOCK

CERTIFICATE OF DESIGNATION OF TERMS OF NON-CUMULATIVE CONVERTIBLE SERIES 2004-1 PREFERRED STOCK CERTIFICATE OF DESIGNATION OF TERMS OF NON-CUMULATIVE CONVERTIBLE SERIES 2004-1 PREFERRED STOCK 1. Designation, Par Value and Number of Shares. The designation of the series of preferred stock of the Federal

More information

PROMISSORY NOTE. Interest calculations shall be based on a 360-day year and charged on the basis of actual days elapsed.

PROMISSORY NOTE. Interest calculations shall be based on a 360-day year and charged on the basis of actual days elapsed. PROMISSORY NOTE...(date)... 1. Principal. FOR VALUE RECEIVED, the undersigned,...(name)... (Borrower), whose address is..., promises to pay to...(name)..., a... (Lender), whose address is..., the principal

More information

HOME TRUST COMPANY. Alberta Land Titles Act STANDARD MORTGAGE TERMS. Registration No. 081099755

HOME TRUST COMPANY. Alberta Land Titles Act STANDARD MORTGAGE TERMS. Registration No. 081099755 HOME TRUST COMPANY Alberta Land Titles Act STANDARD MORTGAGE TERMS Registration No. 081099755 These STANDARD MORTGAGE TERMS shall be deemed to be included in every Mortgage which incorporates and refers

More information

NC General Statutes - Chapter 47H 1

NC General Statutes - Chapter 47H 1 Chapter 47H. Contracts for Deed. 47H-1. Definitions. The following definitions apply in this Chapter: (1) Contract for deed or contract. An agreement, whether denominated a "contract for deed," "installment

More information

CSA CONSTRUCTION, INC. 2314 McAllister Road Houston, Texas 77092 SUBCONTRACTOR AGREEMENT

CSA CONSTRUCTION, INC. 2314 McAllister Road Houston, Texas 77092 SUBCONTRACTOR AGREEMENT CSA CONSTRUCTION, INC. 2314 McAllister Road Houston, Texas 77092 SUBCONTRACTOR AGREEMENT THIS AGREEMENT made this day of Month, Year, by and between CSA CONSTRUCTION, INC., a Texas corporation whose principal

More information

CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION

CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION 32-19-01. Action to foreclose mortgage on real estate authorized. The plaintiff shall bring an action in district court for the foreclosure

More information

SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF OHIO

SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF OHIO SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF OHIO EFFECTIVE AS TO ORDERS RECEIVED ON OR AFTER OCTOBER 1, 2010 OHPC #: SHNF-126711624 Ohio Title Insurance Rating Bureau, Inc. 2715 Tuller Parkway

More information

Amendment and Consent No. 2 (Morris County Renewable Energy Program, Series 2011)

Amendment and Consent No. 2 (Morris County Renewable Energy Program, Series 2011) Execution Version Amendment and Consent No. 2 (Morris County Renewable Energy Program, Series 2011) by and among MORRIS COUNTY IMPROVEMENT AUTHORITY, COUNTY OF MORRIS, NEW JERSEY, U.S. BANK NATIONAL ASSOCIATION

More information

CA Foreclosure Law - Civil Code 2924:

CA Foreclosure Law - Civil Code 2924: CA Foreclosure Law - Civil Code 2924: 2924. (a) Every transfer of an interest in property, other than in trust, made only as a security for the performance of another act, is to be deemed a mortgage, except

More information

MODEL SECOND MORTGAGE FORM ADJUSTABLE RATE (HOME EQUITY CONVERSION) [See Instructions Attached] [Space Above This Line For Recording Data]

MODEL SECOND MORTGAGE FORM ADJUSTABLE RATE (HOME EQUITY CONVERSION) [See Instructions Attached] [Space Above This Line For Recording Data] FHA Case No. MODEL SECOND MORTGAGE FORM ADJUSTABLE RATE (HOME EQUITY CONVERSION) [See Instructions Attached] [Space Above This Line For Recording Data] SECOND MORTGAGE THIS MORTGAGE ("Security Instrument"

More information

California Commercial Lease Agreement. This Commercial Lease Agreement ("Lease") is made and effective between ("Landlord") and ("Tenant").

California Commercial Lease Agreement. This Commercial Lease Agreement (Lease) is made and effective between (Landlord) and (Tenant). California Commercial Lease Agreement This Commercial Lease Agreement ("Lease") is made and effective, by and between ("Landlord") and ("Tenant"). Landlord is the owner of land and improvements commonly

More information

LEASE AND SUBLEASE AGREEMENT

LEASE AND SUBLEASE AGREEMENT LEASE AND SUBLEASE AGREEMENT THIS LEASE AND SUBLEASE AGREEMENT is made this day of, 201_, by and between, (hereinafter Landlord ), a not-for-profit corporation (hereinafter, Tenant ) and, (hereinafter

More information

which has the address of ( Property Address )

which has the address of ( Property Address ) MODEL MORTGAGE FORM ADJUSTABLE RATE (HOME EQUITY CONVERSION) [See Instructions Attached] FHA Case No. [Space Above This Line For Recording Data] MORTGAGE THIS MORTGAGE ( Security Instrument ) is given

More information

THE NEW YORK TIMES COMPANY. Certificate of Incorporation

THE NEW YORK TIMES COMPANY. Certificate of Incorporation THE NEW YORK TIMES COMPANY Certificate of Incorporation As Amended and Restated on September 29, 1993; and As Amended on June 19, 1998, and June 22, 2007 CERTIFICATE OF INCORPORATION of THE NEW YORK TIMES

More information

CHAPTER 62B CREDIT INSURANCE

CHAPTER 62B CREDIT INSURANCE 1 MINNESOTA STATUTES 2015 62B.02 CHAPTER 62B CREDIT INSURANCE 62B.01 SCOPE. 62B.02 DEFINITIONS. 62B.03 FORMS OF CREDIT LIFE INSURANCE, CREDIT ACCIDENT AND HEALTH INSURANCE, AND CREDIT INVOLUNTARY UNEMPLOYMENT

More information

Standard Conditions. for Grants Made by the. World Bank. Out of. Various Funds

Standard Conditions. for Grants Made by the. World Bank. Out of. Various Funds Standard Conditions for Grants Made by the World Bank Out of Various Funds Dated February 15, 2012 ARTICLE I Introductory Provisions Section 1.01. Application of Standard Conditions. These Standard Conditions

More information

THE SHERWIN-WILLIAMS COMPANY

THE SHERWIN-WILLIAMS COMPANY Amended and Restated Articles of Incorporation of THE SHERWIN-WILLIAMS COMPANY As amended through February 18, 2015 AMENDED AND RESTATED ARTICLES OF INCORPORATION OF THE SHERWIN-WILLIAMS COMPANY FIRST:

More information

(7) For taxable years beginning after December 31, 2012, every. nonresident estate having for the taxable year any gross income

(7) For taxable years beginning after December 31, 2012, every. nonresident estate having for the taxable year any gross income IC 6-3-4 Chapter 4. Returns and Remittances IC 6-3-4-1 Who must make returns Sec. 1. Returns with respect to taxes imposed by this act shall be made by the following: (1) Every resident individual having

More information

Be it enacted by the People of the State of Illinois,

Be it enacted by the People of the State of Illinois, AN ACT concerning insurance. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The Illinois Insurance Code is amended by changing Sections 223 and 229.2

More information

PUBLIC PURPOSE SECURITY AGREEMENT (EQUIPMENT) PUBLIC PURPOSE SECURITY AGREEMENT dated as of,

PUBLIC PURPOSE SECURITY AGREEMENT (EQUIPMENT) PUBLIC PURPOSE SECURITY AGREEMENT dated as of, PUBLIC PURPOSE SECURITY AGREEMENT (EQUIPMENT) PUBLIC PURPOSE SECURITY AGREEMENT dated as of, ( Security Agreement ) made by, a not-for-profit corporation formed pursuant to Section of the Not-For-Profit

More information

Street Lighting Procurement Pack Model Documentation

Street Lighting Procurement Pack Model Documentation Schedule 23 Sub-Contractor Direct Agreement Model Contract Schedule 23 Sub-Contractor Direct Agreement Dated 200[ ] [AUTHORITY] [SUB-CONTRACTOR] [SERVICE PROVIDER] [GUARANTOR] AUTHORITY SUB-CONTRACTOR

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF. Case No.

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF. Case No. FORM 10A.71 INTERIM FACTORING FINANCING ORDER IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF In re: In Proceedings Under Chapter 11 Case No. Debtor. INTERIM ORDER APPROVING SECTION 364 FINANCING

More information

CDFI Bond Guarantee Program Secondary Loan Requirements

CDFI Bond Guarantee Program Secondary Loan Requirements CDFI Bond Guarantee Program Secondary Loan Requirements In order for an Eligible CDFI to make a Secondary Loan through the CDFI Bond Guarantee Program, it must ensure that the Secondary Loan is made in

More information

LLC Operating Agreement With Corporate Structure (Delaware)

LLC Operating Agreement With Corporate Structure (Delaware) LLC Operating Agreement With Corporate Structure (Delaware) Document 1080B www.leaplaw.com Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc.

More information

SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF OHIO

SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF OHIO SCHEDULE OF RATES FOR TITLE INSURANCE IN THE STATE OF OHIO EFFECTIVE AS TO ORDERS RECEIVED ON OR AFTER DECEMBER 1, 2008 OHPC-125878699 Ohio Title Insurance Rating Bureau, Inc. 2715 Tuller Parkway Dublin,

More information

28. Time is of the essence in this Lease and in each and all of its provisions.

28. Time is of the essence in this Lease and in each and all of its provisions. COMMERCIAL VEHICLE/EQUIPMENT LEASE AGREEMENT Please print and fax to: 281-842-9345 Stutes Enterprise Systems, Inc. ("Lessor"), located at 1426 Sens Rd #5, LaPorte, Texas 77571, leases to, ("Lessee"), located

More information

DEED OF TRUST NOTE SURPLUS CASH WITH CONTINGENT INTEREST. Crownsville, Maryland, 20

DEED OF TRUST NOTE SURPLUS CASH WITH CONTINGENT INTEREST. Crownsville, Maryland, 20 Project Name: Project Number: HOME/RHP DEED OF TRUST NOTE SURPLUS CASH WITH CONTINGENT INTEREST $ Crownsville, Maryland, 20 FOR VALUE RECEIVED,, a Maryland (the Borrower ), promises to pay to the order

More information

Buyer shall be allowed to conduct the following due diligence prior to purchasing the Property ( Buyer s Due Diligence Review ):

Buyer shall be allowed to conduct the following due diligence prior to purchasing the Property ( Buyer s Due Diligence Review ): Jennifer C. Cobb of Jameson Babbitt Stites & Lombard Speaker 16: 1 CONTINGENCY CLAUSE (SELLER FORM) BUYER S DUE DILIGENCE REVIEW. As of the date of this Agreement, Seller has delivered to Buyer the following

More information

Chapter 55 Small Business Loans

Chapter 55 Small Business Loans Chapter 55 Small Business Loans 55.1. Purpose and Policy 55.2. Adoption, Amendment, Repeal 55.3. Definitions 55.4. The Tribe's Role in the Program 55.5. The Bank's Role in the Program 55.6. Eligibility

More information

Article 1 - Definitions

Article 1 - Definitions FHA Case No. HOME EQUITY CONVERSION MORTGAGE ADJUSTABLE RATE LOAN AGREEMENT THIS AGREEMENT is made this day of ( Borrower ) and ( Lender )., 20, among Article 1 - Definitions 1.1. Borrower is defined above.

More information

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT House Bill 338 By: Representative Bryant of the 160 th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 To amend Title 44 of the Official Code of Georgia Annotated, relating to property,

More information

Sample. Rider Clauses to Contract of Sale Purchaser DEED DESCRIPTION DOWN PAYMENT ESCROW

Sample. Rider Clauses to Contract of Sale Purchaser DEED DESCRIPTION DOWN PAYMENT ESCROW Rider Clauses to Contract of Sale Purchaser DEED DESCRIPTION 1. The deed shall contain a metes and bounds description of the premises being conveyed thereby. The same shall be satisfactory to the title

More information

Nebraska Debt Management Statutes

Nebraska Debt Management Statutes Nebraska Debt Management Statutes Neb. Rev. Stat. 69-1201. Terms, defined. As used in sections 69-1201 to 69-1217, unless the context otherwise requires: (1) Debt management shall mean the planning and

More information

BILL ANALYSIS. Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended)

BILL ANALYSIS. Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended) BILL ANALYSIS Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended) DIGEST Currently, the Texas Constitution prohibits the use of equity in a home for collateral

More information

INSTALLMENT CONTRACT FOR SALE OF REAL ESTATE. THIS AGREEMENT is hereby made and entered into this day of

INSTALLMENT CONTRACT FOR SALE OF REAL ESTATE. THIS AGREEMENT is hereby made and entered into this day of INSTALLMENT CONTRACT FOR SALE OF REAL ESTATE THIS AGREEMENT is hereby made and entered into this day of, 2008, by and between the Lee Mill Land Company, LLC, a Kansas limited liability company, hereinafter

More information

STANDARD LAND PURCHASE AND SALE AGREEMENT [#505] (With Contingencies)

STANDARD LAND PURCHASE AND SALE AGREEMENT [#505] (With Contingencies) STANDARD LAND PURCHASE AND SALE AGREEMENT [#505] (With Contingencies) The parties make this Agreement this day of,. This Agreement supersedes and replaces all obligations made in any prior Contract To

More information

PURCHASE AGREEMENT. 1.0 - SELLER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone: Alternate Phone:

PURCHASE AGREEMENT. 1.0 - SELLER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone: Alternate Phone: PURCHASE AGREEMENT 1.0 - SELLER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone: Alternate Phone: 1.1 - BUYER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone:

More information

International Bank for Reconstruction and Development. General Conditions for Loans

International Bank for Reconstruction and Development. General Conditions for Loans International Bank for Reconstruction and Development General Conditions for Loans Dated March 12, 2012 Table of Contents ARTICLE I Introductory Provisions... 1 Section 1.01. Application of General Conditions...

More information

THE CORPORATION OF THE CITY OF BURLINGTON D1 - AGREEMENT

THE CORPORATION OF THE CITY OF BURLINGTON D1 - AGREEMENT Agreement 2006 Page 1 THE CORPORATION OF THE CITY OF BURLINGTON D1 - AGREEMENT THIS AGREEMENT made in triplicate this day of 20 THE CORPORATION OF THE CITY OF BURLINGTON (hereinafter called "the City")

More information

Founder Stock Purchase Agreement

Founder Stock Purchase Agreement Founder Stock Purchase Agreement Document 1330A Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc. nor any of the providers of information that

More information

Residential Lease with Option to Purchase

Residential Lease with Option to Purchase THIS LEASE is between ( Landlord ) and ( Tenant ). 1. Leased Premises. Landlord leases to tenant, and tenant leases from Landlord, the premises located at (the Leased Premises ). 2. Term. The term of this

More information

13.12.3.1 ISSUING AGENCY: New Mexico Public Regulation Commission Insurance Division. [7/1/97; 13.12.3.1 NMAC - Rn & A, 13 NMAC 12.3.

13.12.3.1 ISSUING AGENCY: New Mexico Public Regulation Commission Insurance Division. [7/1/97; 13.12.3.1 NMAC - Rn & A, 13 NMAC 12.3. TITLE 13 CHAPTER 12 PART 3 INSURANCE MOTOR VEHICLE INSURANCE UNINSURED AND UNKNOWN MOTORISTS COVERAGE 13.12.3.1 ISSUING AGENCY: New Mexico Public Regulation Commission Insurance Division. [7/1/97; 13.12.3.1

More information

An ordinance recommended by the Board of Estimate and Apportionment authorizing and

An ordinance recommended by the Board of Estimate and Apportionment authorizing and BOARD BILL NO. INTRODUCED BY ALDERMAN STEPHEN CONWAY An ordinance recommended by the Board of Estimate and Apportionment authorizing and directing the St. Louis Municipal Finance Corporation (as further

More information

DEPARTMENT OF TRANSPORTATION OFFICE OF SMALL AND DISADVANTAGE BUSINESS UTILIZATION SHORT TERM LENDING PROGRAM GUARANTEE AGREEMENT

DEPARTMENT OF TRANSPORTATION OFFICE OF SMALL AND DISADVANTAGE BUSINESS UTILIZATION SHORT TERM LENDING PROGRAM GUARANTEE AGREEMENT DEPARTMENT OF TRANSPORTATION OFFICE OF SMALL AND DISADVANTAGE BUSINESS UTILIZATION SHORT TERM LENDING PROGRAM GUARANTEE AGREEMENT This GUARANTEE AGREEMENT dated as of [DATE] (this Agreement) is made by

More information

LOAN AGREEMENT. (The City of Elk Grove Small Business Loan Program)

LOAN AGREEMENT. (The City of Elk Grove Small Business Loan Program) LOAN AGREEMENT (The City of Elk Grove Small Business Loan Program) THIS LOAN AGREEMENT (the "Loan Agreement") is made and entered into as of [date], by and between The City of Elk Grove, a California municipal

More information

RESTATED ARTICLES OF INCORPORATION OF SOUTHERN CALIFORNIA EDISON COMPANY SOUTHERN CALIFORNIA EDISON COMPANY

RESTATED ARTICLES OF INCORPORATION OF SOUTHERN CALIFORNIA EDISON COMPANY SOUTHERN CALIFORNIA EDISON COMPANY CERTIFICATE OF RESTATED ARTICLES OF INCORPORATION OF SOUTHERN CALIFORNIA EDISON COMPANY The undersigned, ROBERT C. BOADA and BARBARA E. MATHEWS, hereby certify that they are the duly elected and acting

More information

PLEDGE OF SHARES OF STOCK. This Agreement (hereinafter, the Pledge ) is made and entered into this day of in Makati City, by and between:

PLEDGE OF SHARES OF STOCK. This Agreement (hereinafter, the Pledge ) is made and entered into this day of in Makati City, by and between: KNOW ALL MEN BY THESE PRESENTS: PLEDGE OF SHARES OF STOCK This Agreement (hereinafter, the Pledge ) is made and entered into this day of in Makati City, by and between: with address at (hereinafter referred

More information

COMMONWEALTH LAND TITLE INSURANCE COMPANY

COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE INSURANCE RATES AND CHARGES FOR THE STATE OF MAINE EFFECTIVE: NOVEMBER 12, 2012 (Unless Otherwise Specified Herein) TABLE OF CONTENTS SECTION 1... 1 TITLE

More information

SAMPLE LAND CONTRACT

SAMPLE LAND CONTRACT This material is provided to answer general questions about the law in New York State. The information and forms were created to assist readers with general issues and not specific situations, and, as

More information

NORTH CAROLINA GENERAL ASSEMBLY 1981 SESSION CHAPTER 761 SENATE BILL 623

NORTH CAROLINA GENERAL ASSEMBLY 1981 SESSION CHAPTER 761 SENATE BILL 623 NORTH CAROLINA GENERAL ASSEMBLY 1981 SESSION CHAPTER 761 SENATE BILL 623 AN ACT TO AMEND CHAPTER 58, ARTICLE 22, OF THE GENERAL STATUTES RELATING TO NONFORFEITURE BENEFITS OF LIFE INSURANCE POLICIES AND

More information

Los Alamos County Home Renewal Program. Residential Mortgage

Los Alamos County Home Renewal Program. Residential Mortgage Los Alamos County Home Renewal Program Residential Mortgage After Recording Return To: Los Alamos County Home Renewal Program 1000 Central Avenue Los Alamos, NM 87544 Loan No. HRP-2016- I. DEFINITIONS:

More information

RULES OF TENNESSEE DEPARTMENT OF FINANCIAL INSTITUTIONS COMPLIANCE DIVISION

RULES OF TENNESSEE DEPARTMENT OF FINANCIAL INSTITUTIONS COMPLIANCE DIVISION RULES OF TENNESSEE DEPARTMENT OF FINANCIAL INSTITUTIONS COMPLIANCE DIVISION CHAPTER 0180-17 RULES PERTAINING TO MORTGAGE LENDING, LOAN TABLE OF CONTENTS 0180-17-.01 Definitions 0180-17-.11 Experience Required

More information

LEASE OPTION Co Inc. PO Box San Juan PR Tel / Fax EQUIPMENT LEASE AGREEMENT

LEASE OPTION Co Inc. PO Box San Juan PR Tel / Fax EQUIPMENT LEASE AGREEMENT LEASE OPTION Co Inc. PO Box 40851 San Juan PR 00940-0851 Tel- 787-982-0044/787-982-0064 Fax- 787-982-0084 EQUIPMENT LEASE AGREEMENT This Lease Agreement, hereinafter called The Agreement, made and entered

More information